(Bloomberg) -- Focus Financial Partners relaunched a $3.65 billion leveraged loan package after previously pulling the deal during global market tumult that curbed debt issuance last month.
The transaction relaunched on Wednesday with essentially the same terms as the previous deal, according to a person with knowledge of the matter who asked not to be identified as the details are private.
Royal Bank of Canada is leading the deal, which consists of a $3.3 billion term loan and a $325 million delayed-draw term loan, the person said. Proceeds will be used for Focus Financial, a wealth management firm, to refinance debt and pay a shareholder distribution.
Companies are piling into debt markets to sell bonds and loans in a borrowing blitz ahead of the US presidential election. On Tuesday, speculative-grade companies launched more than $17 billion of deals via the high-yield bond and leveraged loan markets, far outpacing last year’s post-Labor Day activity. A handful more followed on Wednesday.
Read more: Global Borrowing Blitz Brings Record US Blue-Chip Bond Sales
Representatives for RBC and Focus Financial owner Clayton, Dubilier & Rice LLC declined to comment. Representatives for Focus Financial and its other owner, Stone Point Capital LLC, did not respond in time for publication.
The Focus Financial deal was originally postponed in early August amid big declines in global stock markets and tumultuous swings in bond yields and spreads. It was one of a handful of companies that chose to delay transactions during the volatility.
Pricing on the relaunched deal is being discussed at 3 to 3.25 percentage points over the benchmark rate, compared to 3 percentage points in the August version. The discounted price is 99.5 cents on the dollar, compared to a range of 99.5 to 99.75 cents in August. Commitments are due Sept. 10.
